Already traded below key MAs on run lower. Sellers making the play below the MA levels
The GBPUSD took a dive lower and in the process is threatening to crack – and stay below – tthe 200 and 100 day MA at 1.2964 and 1.29557 respectively. In reality, the “threat” is actually “reality” as the price has dipped below the levels to 1.29436. Now the question is can it stay below both.
Looking at the hourly chart below, the high price on the current bar is holding below the 200 hour MA (see green line overlay) That keeps the threat alive. Stay below is bearish.
The buyers gave it a try earlier. Now the sellers are flexing their muscle. Can the sellers keep that control now? Watch the price action around the two daily moving averages.